Last checked at 26 Oct 2016 07:00
26 October 2016
Centaur Media Plc
("Centaur" or "the Group")
Trading update
Centaur Media Plc (LSE: CAU), the business to business information, insight and events group, is today issuing a trading statement on its operating and financial performance during the third quarter and the outlook for the year ending 31 December 2016.
Quarter 3
(Q3 year-on-year comparatives)
Digital revenues across the Group showed steady growth of 10%, with digital premium content revenue growing strongly by 22%. Progress across the portfolios was encouraging with Legal up 20%, Marketing up 10% and Home Interest up 9%.
Live events revenues were up 20% on an underlying basis. Within this, Exhibition revenues increased 19%, and revenue at the London Homebuilding Show also grew by 19% with visitor numbers up 10%. The Festival of Marketing at the start of October showed delegate growth of 9% with sponsorship levels maintained.
Advertising revenue was down 12%, continuing the Q2 trend, with print advertising being particularly challenging, down 21%. Digital advertising was more resilient, down 4%.
Trade receivables at the end of the quarter were further reduced with year to date cash conversion running at 206%.
Outlook
Digital premium content revenue continues to improve. Advertising bookings remain depressed, particularly print advertising. Deferred revenues continue to grow and at this stage are 14% up year on year.
The Group is making good headway with its cost reduction programme and is on track to deliver £2 million of annualised savings. Cash collection remains strong and the Group's net debt at the end of Q3 was £13.6m, before the cash consideration for the Oystercatchers acquisition.
The Group currently expects to deliver full year adjusted earnings in line with market expectations and a net debt/ adjusted EBITDA ratio of approximately 1 times by year end, pre consideration for the Oystercatchers acquisition.
Andria Vidler, Centaur CEO said: "We remain focused on building high value, premium digital content and events whilst reducing our exposure to print advertising. We're making steady progress on that journey. Cash collection, cost cutting and debt are on track and we expect Centaur to meet market expectations for the year".
Enquiries
Centaur Media Plc
Andria Vidler, Chief Executive Officer 020 7970 4000
Swag Mukerji, Chief Financial Officer
Note to editors
Centaur Media is an award winning UK-based multi-platform content group that inspires and enables people to excel at what they do, raising the standard for market insight, interaction and impact.
Leading brands include: Econsultancy, Oystercatchers, Marketing Week, Festival of Marketing, Creative Review, Celebrity Intelligence, Fashion Monitor, Money Marketing, Platforum, The Lawyer, VB Research, Employee Benefits, The Engineer, Subcon, Homebuilding & Renovating, Business Travel Show and The Meetings Show.